Dec 02, 2024

Record farm trade gap for 2025 looms

Posted Dec 02, 2024 9:20 PM

The US agricultural trade deficit is forecasted to grow significantly, with the USDA projecting a record $45.5 billion gap for fiscal year 2025. This updated outlook surpasses the previous estimate of $42.5 billion from August 2024. Agricultural exports, expected to reach $170 billion, remain 13% below their 2022 peak, impacted by declining global prices. Imports, on the other hand, are forecasted to hit $215.5 billion, driven by rising demand for tropical fruits and sugar.